Technology sector

Tech Sector Update for 3/30/2022: WDC, GLOB, FSLY, MU

JTech stocks continued to weaken on Wednesday afternoon, with the SPDR Technology Select Sector ETF (XLK) down 1.7% and the Philadelphia Semiconductor Index down 3.6%.

In corporate news, Western Digital (WDC) slid 2.5% on Wednesday afternoon, pulling away from a small morning gain that followed the hardware company’s announcement of a new MoU with Samsung Electronics to develop and standardize zoned storage technology before eventually expanding to include computer storage. and storage fabrics. Financial terms of the new partnership were not disclosed.

Globant (GLOB) fell nearly 11% after the technology services company said on Wednesday it activated security protocols because a ‘limited section’ of its code repository was hacked, with hackers exploiting source code and project-related documentation for a small group of its clients. .

Fastly (FSLY) fell 3.1% after the edge cloud platform company announced on Wednesday that it had purchased software company Fanout, adding to its ability to identify and deploy technologies that increase the performance and security of devices. customers and supporting its real-time application development. Financial terms were not disclosed.

Micron Technology (MU) fell 3.7%, reporting a gain of more than 5% earlier on Wednesday after the computer memory chipmaker announced fiscal second-quarter results that beat Wall Street expectations and predicted a net profit and non-GAAP revenue exceeding analysts’ estimates. Excluding one-time items, it earned $2.14 per share in its second quarter ended March 3, more than doubling its adjusted earnings of $0.98 per share in the same quarter last year, while revenue increased nearly 25% to $7.79 billion. Analysts on average had expected $1.98 per share and $7.54 billion, respectively.

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